Inventive ways to use bridging loans

Do you really know how flexible bridging loans can be? To give you an idea, here are a few recent creative cases we helped clients with:

Grade II listed auction property

Purchase of an uninhabitable Grade II listed farmhouse at auction. Our client needed to pay within 28 days and carry out refurbishments before securing a traditional mortgage.

Loan amount: £280,000
Property value: £475,000
Term: 12 months
Product type: First Charge bridging loan
Exit: First Charge mortgage

Property with Japanese Knotweed

Our client had purchased a property with Japanese Knotweed. They needed to remove the knotweed and get the certificate guaranteeing the work, before refinancing onto a regular mortgage.

Loan amount: £426,000
Property value: £1.9m
Term: 12 months
Product type: First Charge bridging loan
Exit: First Charge mortgage

GIFTED DEPOSIT

Parents wanted to use equity in their property as a gifted deposit for their son and at the same time move home, downsizing from their existing property. 

Loan amount: £64,000
Property value: £695,000
Term: 12 months
Product type: Second Charge bridge
Exit: Sale of property

Development build and splitting titles

A property developer wanted to purchase a house and the land it was on, build an additional property on the land and split the title.

Loan amount: £480,000
Property value: £695,000
Term: 12 months
Product type: First Charge bridging loan
Exit: Sale of property

So, what's stopping you from helping your clients with funding the more unusual situations? You can offer your clients rates from 0.55% per month and loan sizes over £10m, with West One's bridging loans.

For more information about West One’s bridging loans or to discuss a case, please call our team on 0333 123 4556 or click on 'apply now' below: